The Miami Dolphins’ decision to give cornerback Brent Grimes a four-year contract instead of the franchise tag will end up saving the team more than $7 million in cap space in the 2014 season.

According to details of the contract obtained by the Miami Herald, Grimes’ cap hit will be $4 million for this upcoming season, leaving the Dolphins with more than $36 million in cap space entering the start of free agency.

Grimes’ cap hit will be $10 million in 2015.

Grimes received a $6 million signing bonus and will make a guaranteed $2.475 million in base salary in 2014. He is due to earn $8.475 million in 2015, with $7.5 million of that guaranteed.

Grimes, 30, will end up collecting $16 million in guaranteed money. The Dolphins would have a cap hit of $3 million if they cut Grimes in 2016, when he will be 33, or $1.5 million if they cut him in 2017.

• The Dolphins covet Baltimore left tackle Eugene Monroe, and there is a good chance he will make it to the open market next week because he and the Ravens are far apart in negotiations, according to The Baltimore Sun. But the Dolphins will have competition for Monroe beyond Baltimore, with Arizona, Tampa Bay and Oakland among others potentially seeking left tackles.

If the Dolphins cannot sign Monroe, they are expected to have interest in Kansas City left tackle Branden Albert.

Left tackles Jared Veldheer (Oakland) and Anthony Collins (Cincinnati) are among other potential free agent options.